iBio Reports Fiscal First Quarter 2021 Financial Results and Provides Corporate Update
BRYAN, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a biotech innovator and biologics contract manufacturing organization, today announced its financial results for the fiscal quarter ended September 30, 2020.
“We made tremendous strides during the first few months of Fiscal Year 2021 in executing our strategy to transform iBio from a modestly performing contract manufacturer into a dynamic, diversified, innovative biotechnology company,” said Tom Isett, Chairman & CEO of iBio.
Fiscal First Quarter and Recent Business Developments:
Research & Bioprocessing Products (“RBP”)
Contract Development and Manufacturing (“CDMO”) Services
“We demonstrated our biopharmaceutical candidate development capabilities by creating, in-licensing, or advancing two vaccines and two therapeutics,” commented Mr. Isett. “Meanwhile, the Safi partnership represents both a new FastPharming Services customer, as well as a pathway for iBio to develop our own portfolio of recombinant protein products for RBP uses. And, despite focusing primarily on our new biopharmaceutical candidates for fibrotic and infectious diseases, we successfully increased our CDMO Services revenues in the period, while diversifying and growing our customer base.”
Fiscal First Quarter and Recent Corporate Developments:
“Finally, we increased our bench strength and enhanced our leadership team, adding Randy J. Maddux as Chief Operating Officer, and welcoming three highly accomplished Directors to our Board. Their combined experience and expertise should be invaluable as we execute the next phase of our growth strategy,” said Mr. Isett.
For the fiscal quarter ended September 30, 2020, iBio reported revenues of approximately $0.4 million, an increase of $0.3 million from approximately $0.1 million in the fiscal quarter ended September 30, 2019. The increase is attributable to revenue generated from two new customers. As of September 30, 2020, revenue backlog was approximately $2.4 million.
Total operating expenses, consisting primarily of research and development (“R&D”) and general and administrative (“G&A”) expenses, for the fiscal quarter ended September 30, 2020 were approximately $7.3 million, compared with approximately $4.0 million in the same period of 2019.
R&D expenses for the for the fiscal quarter ended September 30, 2020 were approximately $1.8 million, compared with approximately $1.0 million in the same period of 2019. The increase in R&D expense of approximately $0.8 million was primarily related to an increase in laboratory supplies of approximately $0.7 million and an increase in R&D personnel costs of approximately $0.1 million.
G&A expenses for the fiscal quarter ended September 30, 2020 were approximately $5.5 million, compared with approximately $3.0 million in the same period of 2019. The increase resulted primarily from higher professional and consulting fees and facility repairs and maintenance.
Other expense for the fiscal quarter ended September 30, 2020 was approximately $0.6 million, consistent with the same period of 2019.
Net loss attributable to iBio stockholders for the fiscal quarter ended September 30, 2020 was approximately $7.5 million, or $0.05 per share, compared with a net loss of approximately $4.5 million, or $0.21 per share, in the same period of 2019.
As of September 30, 2020, iBio had cash and investments in securities of approximately $83.5 million, compared with approximately $55.1 million as of June 30, 2020.
Webcast and Conference Call
iBio management will host a webcast and conference call at 4:30 p.m. Eastern Time today, November 16, 2020, to discuss these results and provide a corporate update.
The live and archived webcast may be accessed on the Company’s website at www.ibioinc.com under “News and Events” in the Investors section. The live call can be accessed by dialing (833) 672-0651 (domestic) or (929) 517-0227 (international) and entering conference code: 2546666.
About iBio, Inc.
iBio is a global leader in plant-based biologics manufacturing. Its FastPharming® System combines vertical farming, automated hydroponics, and glycan engineering technologies to rapidly deliver high-quality monoclonal antibodies, vaccines, bioinks and other proteins. The Company’s subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services. iBio’s Glycaneering Development Service™ includes an array of new glycosylation technologies for engineering high-performance recombinant proteins. Additionally, iBio is developing proprietary products, which include IBIO-100 for the treatment of fibrotic diseases, and vaccines for infectious diseases. For more information, visit www.ibioinc.com.
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